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Maui Land & Pineapple ranked with a worrisome Z-score of 0.14 in the trailing 12 months, but it was a marked improvement over last fiscal year's score of -0.53.

Maui Land & Pineapple is a resort operator in Hawaii, but it also develops residential and industrial real estate properties in the island state.

In May, the company booked its third consecutive quarterly profit, earning $12.4 million, or 67 cents per share, compared with a year-earlier loss of $2.7 million, or 33 cents loss per share.

But the profit was mostly attributed to the delayed recognition of $15.1 million in proceeds from the divestiture of its Kapalua Bay Golf Course last year. Another real estate sale and the settlement of post-retirement insurance plans also contributed nearly $5 million to the recent quarter's gains.

Excluding those one-time items, Maui Land booked a $2.3 million loss. Revenue from continuing operations fell 15.8% to $6.4 million.

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